Definitions
What is a consumer?
Someone who buys goods or services
Choosing between going to chollege and going straight to the work force
opportunity cost
What is the definition of money
anything that counts as a medium of exchange
What is the benefit to a salary
What amendments make up privacy
1, 3, 4, 9 (if they say five too that's ok)
What is a producer
Someone who makes/creates/provides goods and services
News Headline: Jay-z sets up 15 million dollar trust for Nipsey Hussle's kids
Wealth Transfer
Why can't a banana be money
it rots,doesn't hold value over time
Which type of income allows you to make overtime/time and a half?
Wage
Which court case gave us the miranda warning
miranda v arizona
producer
wealth transfer
opportunity cost
Nipsey Hussle only creating 1000 copies of a mixtape for 100 each
Producer
List the four characteristics of money
Medium of exchange
Unit of account
store of value
standard of deferred payment
Which is higher, net or gross income
gross income
which amendments make up the rights of the accused
4th, 5th, 6th
What is the definition of money?
anything that acts as a medium of exchange
Iphone slows down the productivity of older iphones
producer
It is valuable but doesn't have all four characteristics of money
Why would someone pick the salary position even though the hourly has the potential to make more
selective incorporation happens through which amendment
14th
Define the two different types of income
Salary- paid a base amount (paid for the product made not the time), no overtime
Wage-hourly pay, can make overtime (paid for the time spent)
Bitcoin sales go up
Consumer
Why do casino chips in the casino count as money but diamonds don't count as money
Because within the casino casino chips have all four characteristics of money but a diamond is value but doesn't have all four characteristics
Why is it possible for people to have the same gross income but different net income if they live in different states?
the type of taxes taken out in each state is different
a group defines itself
a group challenges society
stories change
federalism comes into play
executive breaks the ice
congress legislates a blockbuster
it all ends in court